- Tuesday, 9 March 2010Men are more likely to become insolvent and need an Individual Voluntary Arrangement (
IVA) than women, it has been found.
According to the Consumer Credit Counselling Service (CCCS), there are higher rates of
bankruptcy and
IVA recommendations for men than women.
The charity reports that 55.4 per cent of its
IVA recommendations last year were for men, along with 51.4 per cent of its
bankruptcy recommendations.
Increasing levels of debt have been attributed to the figures, with single men owing on average £19,380 - 17 per cent more than the average of £16,937 for single women.
Commenting on the figures, CCCS spokeswoman Frances Walker said: "This may be the one equality which women may not want to aspire to.
"Whatever sex you are, I would urge anyone worried about their debt to seek help as soon as possible."
According to a recent NS&I survey, the amount of money that the population is saving has decreased to its lowest level for over two years.
Britons are now setting aside 6.25 per cent of their monthly take-home income, down from 6.48 per cent this time last year and its lowest level since summer 2007.
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